Latest News
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DOJ: Wanxiang will pay $53M to settle US probe of imported Chinese auto parts
The Justice Department announced on Thursday that it had reached an agreement with the U.S. branch of Chinese auto parts supplier Wanxiang regarding import tariffs on wheel hub assemblies, and other parts imported over a period of five years. The U.S. Government said that the settlement ended nearly 10 years litigation. It collected all the revenue lost it had sought, and more than $30 million in civil penalties. Wanxiang America has not admitted any wrongdoing. Wanxiang America did not admit wrongdoing. According to the government, some parts in question were subjected to tariffs of upto 93% as a result of the anti-dumping order. Wanxiang, as well as two U.S.-based Wanxiang lawyers, did not immediately respond to comments. Wanxiang Group Automotive Parts Unit was previously described as?China's largest automotive component company by revenue. Wanxiang America was approved in 2013 to buy A123 Systems, an American maker of electric vehicle batteries. After launching an audit, the U.S. Government demanded payment of almost $100 million in 'back tariffs and penalties in 2019. The U.S. government filed a lawsuit in 2022 for Wanxiang imports from 2007 to 2012. Justice Department stated that Wanxiang misclassified "multiple categories of automotive parts, accessories, and components under incorrect tariff provisions." Reporting by David Shepardson, Washington; editing by Lisa Shumaker and Jacqueline Wong
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Vietnam begins work on a rail link with China amid infrastructure spending spree
Vietnam started building several large infrastructure projects on Friday, including five stations for a railway system connecting it to China, according to the government. The 'Southeast Asian Manufacturing Hub has been 'increasing public?investments, as one of its main drivers of economic growth. It is aiming for above 8% this year and over 10% in 2026. The government announced that the 391 km (243 miles) railway will cost?203.2 trillion Dong ($7.72billion). It will start in the border city Lao Cai and pass through Hanoi, before arriving in Haiphong. Haiphong is home to the largest seaport in north Vietnam. The government announced that construction work on railway tracks will begin in late 2019. It added that the project will be completed in 2030. Vietnam announced in early 2018 that it will receive loans for the project from the Chinese government. It said that the railway project was part of a massive spending plan involving a total of 234 infrastructure projects, with a combined investment of $3,400 trillion dong (US$129.23 billion). 18% will be funded from the state, while the rest will come from private sources. The total investment includes projects that are already complete, such as the construction of two hospitals in Ninh Binh and the expansion?of Noi Bai Airport in Hanoi. The list also includes new projects such as the $33.6 billion revamp of the Red River banks, a sports facility in Hanoi, and a casino resort worth $2 billion in Quang Ninh. It also includes industrial parks and housing projects. (Reporting and editing by David Stanway; $1 = 26,310 dong).
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Sources say that Mexican airlines Volaris & Viva Aerobus are nearing a merger agreement
Sources familiar with the matter confirmed on Thursday that Volaris and Viva Aerobus were close to a'merger.' This would create a low cost champion for Mexico by combining two of the largest?airlines? in the country. The merger will be structured in a way that is fair to both parties. The sources said that both airlines would retain their brands and own 50% of the new holding company. Volaris closed Thursday at 14,89 pesos. This gives it a market cap of approximately 17,4?billion?pesos (roughly $967 million). Indigo Partners is the company's biggest shareholder. It also owns U.S. carrier?Frontier, and Chilean airline JetSMART. Viva is owned by the transportation group 'IAMSA', which is headed by Roberto Alcantara. Volaris and Viva have not responded to a request for comment. Both airlines fly Airbus aircraft and have similar routes. Aeromexico is their largest competitor in Mexico. This deal is a response to recent years of turmoil in Mexico's aviation industry, which has included disputes with U.S. regulatory bodies. The U.S. Department of Transportation, in October, rejected more than 12 flight routes proposed by Mexican carriers to the U.S. citing disagreements over Mexico's handling of the flight slots at its main capital airport, and?its decisions to move cargo flights into a more remote facility. Mexican President Claudia Sheinbaum announced in November that Mexican airlines would cede some slots at the capital airport to U.S. rivals. Mexican airlines are just below 30% of the market, while U.S. airlines hold over half.
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One killed and power damaged by Russian shelling near Odesa
Officials said that Russian strikes near Ukraine's Black Sea Port of Odesa killed a woman in her car on Thursday, and that a district was attacked and had power and utility outages. Oleh Kiper of the Odesa Regional Governor, in a Telegram post, claimed that a Russian drone had killed a woman who was driving her car across a bridge southwest of Odesa. Three of her children were also injured. Kiper told residents in the area who were experiencing a 'long power cut to show patience and stop blocking the roads to protest. He said emergency crews worked around the clock to restore the electricity supply. Serhiy lysak, head of Odesa's military administration said that a Russian strike had damaged infrastructure and caused power, heat, and water cuts in a "densely-populated district". Emergency crews are working to restore normal supplies after one person was injured. The Ukraine border authority said that Russian attacks on the route linking Odesa with the port of Reni along the Danube River had stopped transport. It said that border crossings into Moldova were also affected. It said that border crossings to Moldova were also affected.
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Energy Transfer suspends its Lake Charles LNG Export Project
Energy Transfer announced on Thursday that it will suspend the development of its Lake Charles liquefied natural gas export facility to allocate funds to pipeline projects. Pipeline and storage companies The company had developed the LNG facility that produces 16.5 million metric tons of LNG per year and said previously that it had sold the majority of its production to long-term customers. The facility would be given the green light to proceed if it sold at least 80% of the project to equity investors. The suspension comes amid fears of a global oversupply, as new production is brought online. Energy Transfer is open to discussions with any third parties who may be interested in developing the project. TotalEnergies CEO Patrick Pouyanne warned that the planned 'LNG plants to be built in America' could lead to a glut on the market. In January, President Donald 'Trump issued an order that the U.S. resume processing applications for export permits?for new LNG project as part of a push to increase U.S. output. Reporting by Arathy?Somasekhar in Houston and Sheila Dang; editing by Nathan Crooks.
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FedEx reports higher quarterly results and raises the low end of its full-year profit estimate
FedEx reported higher profit and revenue for the second quarter on Thursday, and raised?the lower end of its earnings forecast for the full year. Peak-season pricing and cost-cutting measures helped offset softer shipment volume. Memphis-based 'package delivery' company reported an adjusted profit for the second quarter ending November 30 of $1.14 Billion, or 4.82 cents per share. This is up from $990 Million, or $4.05 cents per share a year ago. After-hours, shares of the company rose 1.4% to $291. FedEx is pursuing a multiyear cost overhaul, which began in 2023. The company aims to save billions by idleing aircraft, closing sites and integrating its previously separate Ground and Express Operations. The?company aims to save an additional $1 billion for the fiscal year that ends in May 2026. "We executed our growth strategy successfully and advanced our transformation of our network, while navigating a challenging external environment," said CEO Raj Subramaniam. The U.S. manufacturing sector contracted for the ninth consecutive month, in November. Factories faced slumping orders, and increased prices for inputs, as import tariffs continued to drag on production. This meant that FedEx's business-to-business shipping volumes were affected. FedEx and UPS rivals are seen as barometers for the global economy due to their wide customer base, which spans industries?and geographical areas. FedEx is now projecting annual profits of $17.80 - $19.00 per share. This is a significant increase from the previous range of $17.20 - $19.00. It also raised its 2026 revenue outlook by 5% to 6.0%, up from its previous forecast of 4% to 6.0%. FedEx surprised Wall Street with a 3% revenue?growth year-over-year in the quarter ending August. It has also?maintained this momentum with a second quarter of revenue growth. The company's sales have been on a recent upswing. FedEx also confirmed its capital expenditure and cost-saving plans and said that it is on track to spin out FedEx Freight by June 1, 2026. Reporting by Lisa Baertlein from Los Angeles, and Abhinav Paramar from Bengaluru. Editing by Alan Barona.
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FedEx reports higher quarterly results and raises the low end of its full-year profit estimate
FedEx reported higher profit and revenue for the second quarter on Thursday, and raised its low-end earnings forecast. This was due to a combination of cost-cutting and peak-season pricing measures that helped offset softer shipment volumes. Memphis-based package company, Memphis Package Delivery, reported an adjusted profit for the second quarter ending November 30 of $1.14 Billion, or $4.82 a share. This is up from $990 M, or $4.05 a share, one year earlier. FedEx is pursuing a multiyear cost overhaul?since 2023. It aims to save billions by idleing aircraft, closing sites and integrating the previously separate Ground and Express operations. The company is aiming to save an additional $1 billion for the fiscal year that ends in May 2026. The company's projected annual profit is now $17.80 to $9.00 per share. This is a significant increase from its previous range of $17.20 to $9.00. It also raised its revenue forecast for 2026, predicting a 5% to 6 % year-over-year increase, up from its previous forecast of 4% - 6%. FedEx surprised Wall Street with a 3% increase in revenue over the previous year for the quarter ending August. FedEx shares were up 2% on the year at the end of Thursday's trading, while UPS shares were down 19%. Reporting by Lisa Baertlein from Los Angeles, and Abhinav Paramar from Bengaluru. Editing by Alan Barona.
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US House passes bill speeding up energy infrastructure approvals despite environmental concerns
The U.S. House of Representatives approved legislation Thursday to'streamline environmental reviews' and speed up permitting for data centers, factories and large energy infrastructure projects. This is in line with President Donald Trump’s plan to boost the energy sector, but conservationists are opposed, claiming that it could harm public water and air supplies. The SPEED Act sponsored by Republican Bruce Westerman faces opposition from Democrats in the Senate who want to see the legislation benefit clean energy projects and other related transmission projects. The bill was passed by 11 Democratic votes, despite concerns that the amendments that were added in last-minute negotiations wouldn't help permit renewable energy projects which Republican President Trump wants to block. Industry groups have welcomed the passage of the 221-196 Bill on Thursday. They said it was the first "meaningful reform" to the National Environmental Policy Act, which can speed up infrastructure projects. Anne Bradbury is CEO of the energy lobby group AXPC. She said, "Today's voting marks a turning point to fix America's broken permits system and lower energy prices for all Americans." Environmental groups called on the Senate to reject it, claiming that it would cause environmental harm. The bill is a "free pass" for industry, while it ignores science and the public's input. Camden Weber is a climate and energy specialist at the Center for Biological Diversity. He said that this would 'jeopardize communities' access to clean drinking water and air, and increase climate risks. Reporting by Richard Cowan, Valerie Volcovici and Nichola Grroom in Washington; editing by Nia William and Aurora Ellis.
Adani, India's largest airport operator, wants to expand its operations as part of an $11 billion expansion plan.
Adani Enterprises, a company based in India, plans to bid aggressively for 11 airports the federal government intends to lease to private companies as part of its $11 billion expansion plan for 'airport infrastructure'.
The billionaire Gautam Adani's conglomerate, which is led by him, has been on a massive expansion spree over the past few years. Its airport subsidiary became India's largest airport operator based on number of airports. GMR Group is India's second largest aviation company by number of passengers handled.
Incentives are being offered to encourage the construction of new airports, while leasing government-owned ones for long terms. The Indian government plans to increase the number of airports to 350-400 by 2047, from the current 163. New Delhi announced plans earlier this year to lease 11 airports including those in Amritsar, Varanasi and Varanasi.
In an interview with Adani Airports Holdings Limited in Mumbai, Jeet Adani said, "We will bid for all (11) of them."
Adani Airports is responsible for seven airports in India. It will be operationalising the first airport that it built from scratch, a new airport located near Mumbai, this month.
Adani and GMR rush to tap into the booming air travel industry in India. Data from the International Air Transport Association shows that in 2024, 174 million passengers flew from or within India by air, a 10% increase over the previous year. Indian airlines have ordered over 1,300 aircrafts since 2023.
Jeet Adani stated that the company has no plans to get into the airline industry, citing the thin margins.
You need a certain mentality to run a airline. I don't believe we have that mindset. He said that his comfort zone and core competency was in creating assets on the ground. "We are good at running long gestation assets. Reporting by Dhwani Pandya from Mumbai and Abhijith Gaapavaram from New Delhi, with editing by Mrigank Dhaniwala
(source: Reuters)